When auditing a single financial statement, the auditor should perform procedures, as necessary, on interrelated items (sales/receivables, inventory/payables, fixed assets/depreciation).

When auditing a single financial statement, the auditor should determine materiality for the complete set of financial statements rather than for the single financial statement.

When auditing a single financial statement, the auditor may perform the audit as a separate engagement or in conjunction with an audit of an entity's complete set of financial statements.

When auditing a single financial statement, the auditor should obtain an understanding of the intended users of the statement.